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Pied-a-Terre Tax Revival Is Latest Threat to NYC’s Luxury Market

Nov. 4, 2019, 10:53 AM

New York’s pied-a-terre tax, left for dead earlier this year, is back on the table and the real industry is gearing up for a fight.

Fresh off imposing an increased “mansion tax” and eliminating privacy protections favored by well-heeled buyers, state lawmakers are reviving efforts to tax second-home purchases of $5 million or more.

There’s a growing desire among Democrats to address wealth inequality, and for them, the idea of slapping a annual tax on the uber rich who scoop up Manhattan apartments is long overdue. But for William Zeckendorf, whose firm built some of the city’s most expensive condo ...

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